FILL IN THE BLANKS WHEN PROMPTING

You are an expert lawyer. Explain in a simple way what **"[legal term]**" means.

I found **[legal term/phrase]** in my contract. What does it mean?

I have to sign a **[type of contract]** contract. Can you give me a list of legal terms with that **[type of of contract]** contracts contain? Include their explanation in simple language.

QUESTION-BASED PROMPTS:

1. What are some common legal terms I should understand for my business?
2. How does a contract differ from a memorandum of understanding?
3. What does the term 'indemnification' mean in a legal context?
4. How can I distinguish between 'breach of contract' and 'breach of warranty'?
5. Why is 'force majeure' significant in a legal agreement?
6. What is the difference between 'liquidated damages' and 'penalties' in a contract?